I am selling a 4 plex in fort worth, tx. The contract of the sale expired Feb29 06. They want to do 1 last walk through which they cancelled last monday. today my agent calls me and tells me they are waiting to get in to see the units. Cuz they cancelled only to follow through with the inspection, they are mad (because of other things also) and threatening me with a lawsuit etc etc. if the purchase does not go through. If i don't show them the place, they will not close.
They never extended the contract after it expired unless my agent forged my signature....
Personally, i hope they do back out.
Depends on what your contract says. If it says the terms of the contract expire if not executed by_________, then it may be expired. If, however, you were supposed to give them a walk through before it expired or allow them to do a home inspection and did not do so, then you may have violated your responsibilities under the contract and that's bad news. Possibly, they could sue you for specific performance and force you to sell, or somehow quantify the loss they sustained when you did not deliver (hotel expenses b/c of no home to move into, etc.) and (also) sue you for those damages. I think everyone loses in a law suit so find a way to settle.
Another way to look at this is, are you willing to take their money? If so, then let them do a walk through and close the deal; worry about who was right later when you're drinking a Mai Tai on the beach. Regardless, if they are threatening, then I would fork out the $200 and talk with a real estate attorney and TELL THEM EVERYTHING, including the bad things you may have also done, and see what they say. A deal in your situation sounds too close to cecoming a massive disaster--I would recommend you spend the money and see an attorney.
I would also suggest posting this under the "Legal Issues" heading and see if any of the legal gurus around could give you more specific feedback.
the contract ended the end of Feb and on the 5th of march i told my agent to push them to get them to get their act together and close. Only yesterday did the buyer demand to do a final walk through.
You see i want out of the deal and am looking for any technicality to get out of the deal.
Ill check with a lawyer.